Post navigation

If you are a Minnesotan age 65 or older and have what is known as a Medicare Cost Plan, you may experience changes to your insurance that will go into effect in 2019.

The State of MN estimates that up to 200,000 Minnesotans will be required to take action during the current enrollment period to obtain replacement coverage for 2019. Another 125,000 or so may be “auto-enrolled” into new Medicare Advantage Plans with their current insurer.

5th and final post in a series

The adage “It’s not what you make, but what you keep” applies to your Social Security benefits in retirement as much as to your paycheck when you were working. How much of your Social Security benefit you actually put in your pocket depends on your income, when you start taking benefits and other factors.

The best way for many people to put more Social Security money in their pocket may be to delay benefits up to age 70. However, that may not be possible or even the best choice for everyone.

If that describes you, consider these 7 strategies to get more retirement income from Social Security.

4th in a series

For the past 40 years or more you have paid into the Social Security system with the promise that someday when you retire, you will receive a guaranteed monthly income for the rest of your life. Along the way, your employer has kicked in a matching contribution equal to 100% of your contribution.

At the end of your working life there should be a giant pile of cash with your name on it. And there is (figuratively speaking anyway). But it comes with a giant string attached.

In this case, the catch is that up to 85% of your monthly benefit is considered taxable income once it’s paid out to you. What’s more, depending on the state you live in, you may owe state income tax on those benefits as well. (Bad news fellow Minnesotans. We live in one of those states).

The following post will explain how much of your benefit is taxable and what, if anything, you can do about it.

Of course, that is not always the case. To determine your optimal beginning date, you will need to do some research. Fortunately, the Social Security Administration makes this easy to do on their website.

2nd in a series

“When Is the best time to start taking Social Security benefits?” Retiring clients ask me this question more than just about any other. I often answer them with two questions of my own, “How long do you think you will live”? And, “Can you afford to delay receiving benefits?”

How Social Security benefits work

Most people receive their full social security benefit somewhere between age 66 and 67, also known as Full Retirement Age (FRA). Generally, benefits may be taken as early as age 62, but it comes with a price.

Contact Mike

Address

Call

Email

Legal Disclosures

This communication is strictly intended for individuals residing in the states of AZ, CA, CO, FL, IA, IN, MN, ND, SD, TN, VA, WA, WI. No offers may be made or accepted from any resident outside the specific state(s) referenced.

A broker-dealer, investment adviser, BD agent, or IA rep may only transact business in a state if first registered, or is excluded or exempt from state broker-dealer, investment adviser, BD agent or IA rep registration requirements, as appropriate. Follow-up, individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirement, or an applicable exemption or exclusion. For information concerning the licensing status or disciplinary history of broker-dealer, investment adviser, BD agent, or IA rep, a consumer should contact his or her state securities law administrator.

Royal Alliance Associates, Inc., and Focus Financial Network, Inc., do not offer tax or legal advice.

Please note: The information being provided is strictly as a courtesy. When you link to any of the web sites provided there, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites.

All other listed entities are not affiliated with Royal Alliance Associates, Inc.